Shearman And Sterling

News Jul 08, 2014

Shearman & Sterling Advises on $650 Million Financing Related to Rayonier’s Spinoff

Shearman & Sterling advised Bank of America, N.A., as administrative agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arranger and bookrunner, in connection with a $650 million aggregate financing, including a $250 million revolving credit facility, a $110 million Term A-1 facility and a $290 million Term A-2 facility, related to the spin-off of the Performance Fibers business of Rayonier Inc. from its Forest Resources and Real Estate businesses.

The Shearman & Sterling team included partners Michael J. Steinberg (New York-Finance), Paula Anderson (New York-Litigation), Douglas McFadyen (New York-Tax), and Malcolm Montgomery (New York-Real Estate); of counsel Bradley Sabel (New York-Financial Institutions Advisory & Financial Regulatory); counsel Jake Pratt (New York-Environmental); and associates Nathan Wood (Palo Alto-Finance), Maria Cornilsen (New York-Finance), Dana Lord (New York-Finance), Amy Gluckman (New York-Finance), Jeffrey Saccone (New York-Finance), Zheng Bao (Palo Alto-Intellectual Property Transactions), Nell Beekman (New York-Compensation, Governance & ERISA), Elizabeth Martialay (New York-Real Estate) and Ryan Roberts (New York-Tax).